Full Service Bankruptcy And Debt-Relief Lawyers

Why should I do everything I can to avoid foreclosure?

On behalf of Minnillo & Jenkins, CO. LPA on Friday, March 15, 2019.

Being faced with a home foreclosure puts a tremendous amount of emotional, mental and financial stress on you and your family. In addition to the risk of losing your home, there are many other negative aspects to the foreclosure process which is why it’s important to explore your options to avoid foreclosure.

If you are struggling financially and worried about how you will be able to continue paying your Ohio mortgage, it’s important to formulate a plan for taking back control of your finances.

How foreclosure can negatively affect you now and in the future

When you go through a foreclosure, your credit score takes a big hit. Exactly how big of a hit depends on the circumstances surrounding the foreclosure and your previous credit score. A low credit score can prevent or delay your ability to obtain future loans or mortgages.

A home foreclosure also leaves you homeless and, very likely, in the same dire financial predicament. The foreclosure process only benefits the bank, and does very little to help you address your financial problems. This means that you will likely still be struggling with the same overwhelming debt issues after a foreclosure is complete.

What can I do to prevent foreclosure?

The best thing that you can do to prevent foreclosure is to communicate with your lenders. Many people who face foreclosure are in financial trouble because they ignore communications from creditors and stop paying their mortgage. Eventually, when this happens, the foreclosure process is automatically initiated.

You can also take the initiative to ensure you understand your rights and protections under the law. If you are struggling to pay your mortgage, you have several options available to you in Ohio.

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